[Funding alert] Edtech startup Classplus raises $65M in Series C round led by Tiger Global
, a B2B edtech startup, on Thursday announced that it has raised $65 million in a Series C round led by Tiger Global. GSV Ventures, the edtech focused fund, along with existing investors Alpha Wave Incubation (AWI), Blume Ventures and RTP Global also participated in the round.
This is the fourth round of funding raised by the company in the last 15 months. Sequoia Capital’s Surge and Times Internet are also the early backers of Classplus.
Started in 2018 by Mukul Rustagi and Bhaswat Agarwal, Noida-based Classplus is a mobile-first SaaS platform that enables private coaching institutes and their tutors to streamline their content distribution, payments, communication, and online assessments through an app.
The Shopify-like solution also helps educators deliver their live lessons, automate their daily tasks, run student engagement programmes along with building and marketing their online courses. All this enables educators to invest more time in creating high-quality content and build an enduring business for themselves.
Classplus founders Mukul Rustagi (R) and Bhaswat Agarwal
“We are on a mission to ensure that every educator can go online and connect with their students across the world. The power of educators has historically been confined to their local neighbourhoods. With Classplus, educators have been able to build and expand their online presence, and monetise their content without any major investment and effort”, stated Mukul Rustagi, CEO and Co-Founder, Classplus.
"With this growth financing, we aim to build the best-in-class products for educators, build great engineering teams, and grow geographically. We are hiring aggressively across engineering, product, and business roles”, added Mukul.
With over 80 percent of the user base coming from Tier-II India, the startup claims that the overall profitability of educators also increases by 2x to 3x within six months of getting onto the platform.
“When lockdowns struck India, Classplus emerged as the critical infrastructure software for the $30 billion offline tutoring industry. With the platform growing nearly 10x in the last 12 months, GSV views it as a “Weapon of Mass Instruction.’’ Co-founders Mukul and Bhaswat are empowering tutors in India to go online, enabling them to build bigger and stronger businesses while also expanding access to localised education”, commented Deborah Quazzo, Managing Partner, GSV Ventures.